New Delhi: Radio City FM station operator Music Broadcast Ltd’s initial public offering (IPO) was completely subscribed on Tuesday, the second day of the share sale, driven by strong retail demand.

According to data from stock exchanges, as of 5:00 pm, the share sale was subscribed 2.1 times.

The portion reserved for retail investors was subscribed 3.6 times, while the high net-worth individuals’ category was subscribed 24%. The institutional investor category saw a subscription of 1 times, as of the end of the second day.

The IPO closes on 8 March.

On Friday, the company raised Rs146.5 crore by allotting shares to anchor investors as part of the so-called anchor book allocation.

The anchor book is that portion of an IPO that bankers can allot to institutional investors on a discretionary basis. Anchor book subscription opens a day before the launch of an IPO and acts as an indicator of institutional investor interest. Shares were allotted to anchor investors at Rs333 each, the upper end of the IPO price band of Rs324-333 per share.

Music Broadcast plans to raise up to Rs400 crore in primary capital, while existing investors will sell shares worth Rs86-88.5 crore through an offer for sale.

Music Broadcast plans to use the proceeds of the share sale to pare debt and for general corporate purposes. The company has hired ICICI Securities Ltd to manage the offering.

Music Broadcast is promoted by Jagran Prakashan Ltd, a media group with interests in print, radio, digital, out-of-home and brand activations. Jagran publishes 10 print titles in five different languages across 13 states in India and has over 400 editions and sub-editions. These include Dainik Jagran and Inquilab.

Radio City, which started operations in four cities in 2001, is present in 37 cities, including Bengaluru, Mumbai, Chennai, Pune, New Delhi and Hyderabad. As on 31 March 2016, it reached more than 49.6 million listeners in 23 cities, as per market research and consulting firm AZ Research, the firm said in its draft IPO prospectus.

HT Media Ltd, the publisher of Hindustan Times and Mint, competes with Music Broadcast in some markets